Bitcoin prices calmed down on Sunday after a wild sell-off on Saturday that saw the cryptocurrency's price drop more than 20%.
As of 11 p.m. ET Sunday, bitcoin
BTCUSD,
It was at around $ 49,125, according to Coinbase data, after sinking to just $ 42,169 over the course of an hour early Saturday morning.
After Sunday's rally, bitcoin is still down 14% in the past five days and 20% over the past month. But it has risen roughly 70% so far this year and 158% in the last 12 months.
Saturday's strong selloff followed a slowdown in global stocks and spread among other crypto assets. Ether
ETHUSD,
running on the Ethereum blockchain, it lost around 15% at one point on Saturday, but recovered those losses, trading at $ 4,175 on Sunday night. Saturday's crash took about $ 400 billion out of the global crypto market capitalization, according to Coinmarketcap.com, before reclaiming most of that.
Read: 'A perfect storm' as bitcoin presents a weekend crash that puts it on the brink of 'breakout'. This is what the crypto bulls say.
Cryptanalyst Nicholas Merten, founder and CEO of Digifox and host of a popular crypto-focused YouTube channel, tweeted Sunday that bitcoin is not facing a bear market, traditionally seen as a 20% or more drop from a recent high. , but warned its price drop may continue:
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